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General Tax

White House Touts Trump’s “Massive Tax Cut”

May 16, 2017

In the Administration’s first official move on tax reform, the new Treasury Secretary Steve Mnuchin, and the President’s chief economic advisor, Gary Cohn, promised, “…the most significant tax reform legislation since 1986 – and one of the biggest tax cuts... Read More

Is The American Health Care Act Unstoppable? Deep Tax Cuts Drive Effort

March 15, 2017

Trumpcare, Ryancare, or ObamacareLite? The name given to the new Republican health care repeal and replace bill could be a blessing or a curse. The American Health Care Act (AHCA) has already been opposed by most Democrats, medical groups including the American... Read More

No Hiding Behind Bitcoins, Says IRS

December 27, 2016

The IRS’s indifferent approach to virtual currency appears to be coming to an end. After a Treasury Inspector General’s report in September 2016 criticized the agency for doing nothing to ensure taxpayer compliance in virtual currency transactions, the IRS jumped to... Read More

Two Important Reminders From IRS for 2017: W-2 Early Filing and Offshore Compliance

November 22, 2016

The New Year, 2017, promises to be a year of change. For employers, the most important immediate tax change is the new accelerated W-2 filing deadline, mandated by the 2015 PATH Act. Under this Act, employers are now required to... Read More

IRS Loses Charitable Donation Appraisal Case

October 31, 2016

IRS NIT-PICKING WENT TOO FAR IN CHARITABLE APPRAISAL CASE, COURT SAYS One of the biggest challenges for taxpayers making charitable contributions is getting the IRS to accept the appraised value of the donated property. If the charity is legitimate and... Read More

Proposed Regs Seek To Close Estate and Gift Tax Valuation Preference

September 22, 2016

IRS RULES PROPOSED FOR 2017 THREATEN HIGHER ESTATE AND GIFT TAXES FOR FAMILY-OWNED BUSINESSES Even with the estate and gift tax exemption of $10.9 million for married couples, many taxpayers who own interests in family businesses still get hit with... Read More

Robo-Calls Rise as IRS Response to Identity Theft Criticized

September 22, 2016

FAKE TAX ROBO-CALLS SURGE AS IRS IS FAULTED FOR LACKLUSTER RESPONSE TO EMPLOYEE IDENTITY THEFT A garbled voice on your phone says “…This will be an intentional second attempt to avoid an initial appearance before a magistrate judge or grand... Read More

Partners Just Can’t Wriggle Out Of Self-Employment Tax

May 24, 2016

Recent regulations issued by the IRS show again that it is nearly impossible for working partners to get out from under the 15.3% self-employment tax. The new rules clarify that partners must pay self-employment tax even if they work for... Read More

IRA Owners Lose Big for Loan Guarantees

May 3, 2016

Tax Court Sends Message: Don’t Mix IRAs With Business Deals Self-directed IRAs have become popular in recent years because they give taxpayers more control over investment options and expand the types of investments an IRA can hold, such as real... Read More

Conservation Easements — The Good and the Bad

March 18, 2016

PLAN CAREFULLY WHEN CONTRIBUTING THAT CONSERVATION EASEMENT Are you cash poor and land rich? If so, you have a good option for reducing your tax burden while making an impact on your community—donating part of your land for conservation purposes.... Read More

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